around. the smartest guy in the room. that's coming up at the top of the hour. >> all right. it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo coming to you from the new york stock exchange. we're following at the close tonight a pretty good reversal all day long. it looked like we were snapping a six-day losing streak for the dow jones industrial average but now it's going to be a photo finish finish. it looks like we're finishing higher but just by 18 points. nasdaq down once again. due largely to the weakness in cisco. stock traded down after the numbers came out. as we reported, john chambers is cautious there. how should you be investing in

the middle of all of this. fed critic jim grant with me. in an exclusive interview, we'll talk rates and ben bernanke. the dow jones industrial average swooning from the highs, finishing up 19 points, fractional move to the upside here. at 4:00 on the street, 12,854 is where the dow industrial is settling. nasdaq came off of the worst levels but as you can see, no luck with a fractional decline there. s&p 500 higher, but just barely. up 3.3 points at 1357. continuing to look at europes a the many issue here along with economic data that has slowed in the united states. as we wrap up another trading session, here's what i'm

watching. stocks shooting up sharply and then losing steam. the dow jones industrial average breaking even. strength today in utilities and telecom. weakness in technology, financial services kept the lid on gains. s&p posted the biggest gain since january. hit the highest level since the beginning of the month, in fact. technology due to cisco's disappointing guidance. s&p technology down for a sixth con section t consecutive day. with us is ben, private wealth management and bertha coombs at the nyse as well and rick santelli at the cme group. hi, everybody. let's talk about this market here and what you want to do. does anything about the way that we're trading, low volume, low volatility, cash on the

sidelines worry you about or dictate to you how this market behaves the second half of the year? >> not really. we are becoming more cautious from mid- to late march and we're starting to roll over. the index slipping. correlation falling sharply and stocks no longer trading with each other. macro didn't matter and certainly the problems with europe are still there. >> ben, what do you think? >> the euro zone crisis is going to ebb and flow but it's not going to go away. the big concern is are we going to have a big concern like we had in the summer of 2010. i think the economy is a much better footing. we're complaining about job growth of 115,000. i think we're going to be okay. >> the catalyst basically was with cisco and it was negative.

>> it was interesting, maria win trader said to me that he was shocked when he saw what happened with cisco, that futures were higher today. when you look at cisco over the last three months, it's the worst performer except for caterpillar. it is a bit of a fallout and collateral damage on europe. today we have a bit of a respid in terms of greece or spain and interestingly, other traders that i talked to are much more bearish than our guests. they are saying only pull back 4%. this is a serious situation. we haven't even corrected what stocks have done so far this

year. >> exactly. i think what you're going to see is a lot of meandering about over the summer and then when they see that we are not in a double dip recession, at least in the united states, emerging markets, we should be able to get emerging market valuation. >> let's talk about rock bottom numbers. i wonder if people are taking money from the sidelines and trying to find the best allocation in fixed income. rick santelli, you say it's not substantial. what's going to be the catalyst from this week into next week? >> well, i think fixed income is destined to remain very close to current levels. i think we're going to spend very little time at a 170 yield but a the lo of time within 20

basis points of a 2% yield why? because the good sovereigns, best hedge against all of the anxiety in the world, those issues aren't the kind of issues that are going to disappear on any given week, month, or year. and what is more, we look at the equities and how they behave in the afternoon is another symptom of high frequency trade becoming a bigger sponsorship as real investors, just avoid the stock market because they look at it as a managed commodity. >> is that what it is? every day we come in and the market is one way in the morning and then reversed in the afternoon. >> i don't think there's no new money coming in. i think one of the issues and i've had people ask me, and

given the elections, the direction of the company, these are big issues and today we had this news that procter & gamble is making this moving to singapore. capital will move where capital is treated best. and all of those tax cuts expire, dividend taxes go from 15% to 43% and doing share buybacks and dividend payers as much as dividend growers and that growth rate of dividends may slow down. you still look for companies that are earning money to have

to retain earnings that will get that money back into for share buybacks. >> so will we see dividends cut? >> no, you cut the dividend when in trouble. they won't grow without the same rate. they may not grow at all. >> all right. ben, leave it there. see you later. thank you so much, everybody. stick around. a lot more to come on the "closing bell" just ahead. >> announcer: he's one of the fed's biggest critics. up next, jim grant explains why today's market is just a hall of mirrors and why he doubts the fed can hold the illusion together forever. plus, he used to throw touchdown passes for the denver broncos and now john elway is running the team. coming up, he'll tell us about the potential risks and rewards of signing peyton manning and trading tim tebow.

in high school, i had a physics teacher by the name of mr. davies. he made physics more than theoretical, he made it real for me. we built a guitar, we did things with electronics and mother boards. that's where the interest in engineering came from. so now, as an engineer, i have a career that speaks to that passion. thank you, mr. davies. tdd# 1-800-345-2550 you and your money deserve. tdd# 1-800-345-2550 at charles schwab, that means taking a close look at you tdd# 1-800-345-2550 as well as your portfolio. tdd# 1-800-345-2550 we ask the right questions, tdd# 1-800-345-2550 then we actually listen to the answers tdd# 1-800-345-2550 before giving you practical ideas you can act on. tdd# 1-800-345-2550 so talk to chuck online, on the phone, tdd# 1-800-345-2550 or come in and pull up a chair.

welcome back. live breaking news. let's get over to brian shactman on molly corp. >> let me start with molly corp. i just had an exclusive conversation with the company's

ceo. afterhours trading is down. it's had a tough couple of weeks. they beat on eps and finding and dealing with processors by the end of 2012 and on the downside revenue miss. now, nordstrom, this is a miss here and got 70 cents versus 75 cents consensus. revenue 2.54 against 2.55 and expect gross profit to decrease. that stock getting hit hard. and back in march fed chief ben

bernanke a peace of their mind. the fed has made the entire market and economy a, quote, hall of mirrors. here exclusively, the founder and editor jim grant. >> thank you for joining us. a hall of mirrors, what do you mean? >> a movie starred jim carey and a guy that didn't realize he was living on a tv set, a reality show. everyone knew except for him, he drove his boat in the lake and the lake is like the painted sky. in a way, the trumman show is the world of finance under the control of sent trcentral banks.

it's about the manipulation of the things that we see. having repressed interest rates, the central banks change the perception of every investor towards assets. so what seems cheap may not be cheap. we don't know exactly because we can fund them at zero percent and that to me is an opportunity, it's a danger to what is. >> manipulation. >> it seems to be important that we realize we are collectively being manipulated. we ought not to be jim carey until the end of the movie and not while he's still in the dark. there was a poll out today that said 75% of professional investors worldwide now think chairman bernanke is doing a great job. well, they might because they are in the business of investing other people's money and funding it at the lowest possible cost. but what he's doing is creating this unreality. >> okay. so it's unreality and we know

what he's doing and it's been going on for a long time now. >> a long time yeah. >> by the way, we have to say it's been going on at the ecb and other central banks as well, right? >> it's a worldwide dance craze. >> so let's look at the reality of it. this is what is happening. it doesn't seem that he's going to step away any time soon. how do you invest around that? what do i need to be doing to capitalize on this as an investor? >> what we can know is how people are handyiicappeding the future. i was reading today that we are in a bull market of fear and people are stuck in 2008. we have 2008 in the brain.

it might recur. it's possible. more likely it's going to -- something else is going to happen. i'm not interested in being in the crowd of people and very contrary to my express views have been buying treasury bonds and sovereign debt in germany and japan. this has been a hugely successful trade for 35 years. but, my goodness, that to me is my question. >> one of the worries, of course, we're talking about the fed action and that's inflation down the road. now, here we are in an environment where it feels like, be how can we have an inflation when we're worried about the economic growth story. >> right. >> but there are pockets of this economy, you see, and now certain companieses raise raising prices. bob iger on the show the other night, raising prices of oil and food. are you worried about inflation?

>> yes. last great inflationary outbreak that we had was in the late '60s through the '70s. what preceded that outbreak was several years in a row from 1960 to '64. those were rates of inflation that today would be called deflation. the fed would mean to kwaush those rates and lift them up higher. we can't suffer 1% inflation, they would say. but what followed 4% of inflation was the great inflation of the late, late '60s, into the '70s and up until 1980. there's no press release. they don't tell you what is going to happen. so gold and silver have been awful investments for a year. >> until the last three years. >> right. but to me that is one area of opportunity. some of these gold stocks are astounding. if you own them, they are mainly cheap but they are cheap as businesses as well as hedges.

>> why is it that gold prices have moved higher and the gold stocks have not kept up? >> i don't know. >> that seems like an opportunity right there. >> here's my sophisticated analysis of this. they really hate gold stocks. >> yeah. but you're a gold bull. here we are with gold, 1594 is where gold closed tonight. do you think it's going higher from here? >> yes. i think that but i can't substantiate that with anything resembling a graham and dodd authorized analysis. i think it will move higher. to me the gold prices are a resip pra cal of the world's trust. i think gold will do better or the currencies -- another way of looking at the currencies will do worse. >> and we should point out that goldman sachs is forecasting a rally as well.

it will advance to 1480. >> i'd like to know how they get to 40. anything beyond the decimal point -- >> that's very good. you're worried about regulation as well. talk to me real quick on that in terms of regulation and the policies out of the fed which is really a problem in business, you say. >> well, graham-dodd is a bureaucrat particular nightmare. those who take risk take bear risk and the excess may make the creditors of the regulated institutions in case they are impaired or become insolvent. let individual responsibility be restored in the banking business and let us get out of sidewalk superintending and micromanaging. >> i won't even ask you about dividend taxes. >> don't ask. >> jim, it's great to have you on the program. so appreciate it.

love having you always. well, be we are taking you back to vegas, baby. gary kominski is in the house. he says the promises to make news here first on "closing bell." we'll take you there next. and then washington gridlocked. lovely corporate america wants to break the log jam to help business but will it take a market event to make it happen? stay with us on "closing bell." . would you mind if i go ahead of you? instead we had someone go ahead of him and win fifty thousand dollars. congratulations you are our one millionth customer. people don't like to miss out on money that should have been theirs. that's why at ally we have the raise your rate 2-year cd. you can get a one-time rate increase if our two-year rate goes up. if your bank makes you miss out, you need an ally. ally bank. no nonsense. just people sense. we love theme parks but with four kids, it can just be too expensive.

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welcome back. uncertainty seems to be the four letter word for wall street and corporate america. pinning the blame on washington politics. in my exclusive interview with ceo of cisco john chambers he echoed that concern. >> i think the major thing that we all need is certainty. businesses don't establishstand well when it's from a government policy. if we understand what the issues are, we will make a decision about where we go with our business and how much we give in dividends versus how much we do in share buyback and acquisitions, et cetera.

government politics and the implication of everything that they make in both of economy and job creation. >> so our next guest says that they will have to throw a tantrum to get washington to act. joining us now is chuck gabrielle. good to see you both. thank you for joining us. a market tantrum? >> yeah. maria, i've always called that a are recusial market. but essentially in washington, hope and change has become hope we can finance a five fiscal cliff hangar and resist change. mr. chambers cited many of them earlier in the interview. i'm not sure the investors will let it go that long. >> when i had john boehner on earlier this week, he said, think about it.

you're talking about thanksgiving it's never going to get done in such a short-term period. so you will have a market disruption. you're calling it a tantrum and i'm calling it a disruption, a big selloff? >> yeah, exactly. a lot of folks are beginning to test the history books and look back to october 1987. i doubt it will do that. that was "black monday," as they called it. >> oh, god. >> yes, but the prospect is 5% gdp hit from falling off the fiscal cliff. the notion of just talking past this and talking past one another through the elections and then not having done any of the legwork and extending the payroll tax relief, unemployment benefits, not to mention amt and other issues, it's going to be unbelievable. >> you point out that policies put in place are backward

looking and they assign blame instead of aspiring growth. >> even when we get past the election, get into the lame duck session of november and december that chuck was referring to, i think you punt it into next year. there's no long-term solution. you try to get into 2013 and a new administration, whether it's a continuation or new administration and a new congress and then do comprehensive reform from there. but in the short term i think it's basically extend and pubt it into the following year. >> so, brian, financial regulations and the impact on financial, we hear ceos who say it's too bureaucratic, we can't get anything done, is that right? do you see that.

>> i think there's no doubt. mortgage rules, the future of the mortgage finance system is still yet to be determined and this is having a very dampening effect on the whole system of credit allocation and that flows through the banks to their borrowers and that is holding back any kind of recovery right now. >> that's a very good point. i don't think they are going to be able to implement volcker because you can't define what trading is versus acting on the side of a customer. i can't see that ever happening. >> one thing on volcker, which i think one thing that people overlook is that i'm skeptical that the fed wants a very strict implementation and enforcement of volcker. i think they want a lot of

trading to stay in the banking system. they don't want it to go to the shadow banking system. i'm not quite as pessimistic on how volcker is going to play out but the other things, the derivative rules, mortgage rules, i think it's more significant and jim grant hit the nail on the head when he talked about the micromanagement of the banking system from washington. it doesn't work very well. >> we'll leave it there. chuck, gabriel, thank you. have you ever heard of hedging nickels? 20 million of them were bought because he thinks each nickel is worth 6.8 cents. what's the next money making idea? we'll talk money and nickels. and then john elway is calling the shots for the denver bron cows but is also calling the shots with several businesses that he owns, including car businesses. >> you know, it's starting to

come back. we are seeing real positive effects of everything starting to come back and people are starting to come back in the showrooms and buy. >> the entire interview coming up next. we get into his business ventures, trading tim tebow. managing my diabetes ibetween takingife, insulin and testing my blood sugar. is this part of your life? freestyle lite test strips? they need just a third the blood of onetouch ultra.

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all right. it's day two of the big investor conference in vegas. our very own gary kominsky is joining us from the salt conference with two of the biggest names of the industry steve and kyle bass good to see you, guys. thank you for joining us. >> good to see you. >> good afternoon, maria. you know it's only jackpot, not poker. >> i knew you were a black jack

man. that's why i put it in there. where are the opportunities? what are are you hearing out there from the deep pocket money investors? >> well, it's a great privilege to be able to sit here because we just came off this panel and it was about where are the opportunities now and the amount of research is -- give us a sense of where that -- how that trade is playing out and whether or not you still think that the biggest crisis in the world ahead is going to be in japan. >> it will be, in my opinion, one of the domino that falls on the sovereign balance sheet side. if you take the time to look at the numbers in japan, when your debts get to be 24, 25 times your revenues, you sail under insolvency and it's a matter of time before you have a full bond

market crisis and you have to write off a large portion of your debt. either you're going to lose power under severe inflation or you're going to have a default and in japan we believe that one causes the other and it's going to be a significant writedown. >> let me jump in. kyle s. there any reason to believe that the u.s. is headed down that same path? we know what is going on. you heard jim grant talking about the fed and central banks around the world. do you look at the u.s. and worry that perhaps it is looking sort of japanese? >> i do. we don't have the benefits that the japanese have had for the last 20 years. so when you look at the u.s., the debts are approaching five times the revenues. we are almost into the zone of insolvency. we are not there yet but my fear is that both sides and there is no consequence for the prove

guess see that they are engaging in today and he's taking the policeman off the freeway. everyone is going to keep speeding. and maria, join the panel. kyle did refer to japan and said that when you look at what happened with madoff in terms of a scream where they rely on investing in the fund there, that's the way they compare it. steve, you recommend that some time ago the high yield bond market has been on fire to, say the least. give us an update on where you see value. is it an attractive place for investors to look at? >> i would say it's fear. it's not great. you have wide spreads and spreads in the 500s. you have default rates that are

still low, 2 or 3%. what we've seen is when you have above average spreads, below average expected defaults, that's usually a terrific environment to invest. i think it's going to be the macro concerns like europe. kyle mentioned japan. some of the external shocks. the clip for next year is going to weigh on performance but if left to the own devices, the credit markets are good. in terms of where in the credit markets, the floating rate debt is where we see very good value. specifically, structured products. what have we found a couple years usually after dislocation, you have everything that goes

down and then there is what is remaining. you're buying nickel. what's the story there? why are you buying nickels? >> so when you look at the g-8 central bank balance sheets, today they are 15 trillion. we've created 15 trillion out of thin air and i think when you look around the world there's only one unit of currency that exists who's melt value is worth more than the stated value and that's nickel. this is a lesson to treech children. when you're worried about a free call option, a nickel is worth more than 5 cents today, if you were holding your money in dollars, you might as well press the button and put it nickels because what will happen is the administration will have to change compensation of the nickel. this is something that you do

with your kids and this is what is going on. they are printing more money than they have ever printed. it's either going to be severe or mild inflation or moderate inflation and the anything kell is a free call option on copper and nickel and it's an ininstructive thing to do about what the bank is doing. when they change the content of the nickel, the bad money will run out the good and nickels will trade in the private market more than they are worth. >> one of the things here at the conference -- one of the themes is bond managers like yourself have found the equity markets to be incredibly attractive. are they more attractive than the bond markets? >> there are certainly a lot of intangibles that are going to weigh more on the equity markets than the debt markets and specifically europe, specifically the election. so having said that, just looking from a valuation perspective, the free cash flow yield on the equity market

versus the debt market is very attractive. so all things being equal, the equity market is particularly u.s.-focused better value. >> guys, good stuff all around. thank you for joining us. we appreciate it. >> thanks, mere aria. >> gary, get home safe. thank you. see you soon. go to saltconference.com for more information about investing ideas there. up next, he led his team to two super bowl victories but can john elway score on his latest business venture? and he's got interesting things to say about junior seau's tragic death. and will the market close out the week on a high note? what may rock friday's trade. you're watching the closing well, cnbc, first in business worldwide.

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on the 10q, the quarterly report, they are going to have a conference call at 5:00 prk m. we are not sure if the two are related. the dour is moving down close to 3%. back to you. >> we'll get back to you as the news develops. thank you so much. >> meanwhile, nfl great john elway won two super bowls. outside of football, elway has mixed results in the business world. he sold his car dealerships to auto nation. now he owns more successful dealerships. but in 2008 elway and his partner lost $2 million in a classic ponzi scheme.

in a first on cnbc interview, i asked him, why put his name on this product? >> well, this is one of the first ones that i've taken that i've actually felt the benefit and anti-inflammatory benefits of using krill oil. it's been helpful to me. >> i was talking to a doctor recently and he said you might as well get the vitamin from the fish. why take the supplement? you're really feeling the impact? >> absolutely. i think that -- i'm not -- it depends on what you like to eat but obviously with it being the lowest on the food chain, you're getting it from it right there rather than having to get it from the fish. that's why it's so much more powerful. >> let me ask you about the headlines happening in football. junior seau, the story of

shooting himself in the chest, people say it's because he got hit in the head so many times it affected him mentally. what do you think? >> obviously because of my love for the game, i don't like to think in terms of because of the impact. obviously with concussions being a focal point of the nfl and trying to prevent head injuries, i don't like to jump to conclusions. especially with junior. that will come out at some point in time. football is a game, a physical game. you know when you get involved and play the game it's going to be a physical game and you're responsible for yourself knowing what you're getting into. >> and it's amazing. and you're a champion so many times over and this is such a tough sport. have you ever had a concussion? >> i have. quarterback position doesn't get hit as nearly a lot of other guys, the other players but, you know, i never have felt the effects from it. >> a lot of hits the nfl is

taking. the bounty story is another one. have you seen that on the ground, in terms of paying people to injure the opponent? >> it was not something i ever saw. i don't think any player tries to hit another player. i think big hits is an intimidation factor and no one ever tries to personally -- you know, on purpose hurt somebody or take -- i think everyone realizes it's their livelihood. >> but they admitted it. they said, look, i put out bounties. i admitted it. >> to me, looking it from an ex-player, it was an idea of getting everybody are ready to play, it was a big game and obviously they talk about the championship with the 49ers. maybe it's different in some areas but to me it was all about getting the player ready to play

football and there are head games to it and there's an intimidation factor. >> tell me about the big decisions that you oversaw or were behind, whether it's peyton manning or the big decision of trading tebow. in terms of manning, you really did protect the team fngly in those second and third years, right? how did you come up with the right plan for such an expensive player? >> any time you look at a guy like peyton manning, when he's out there and when he had interest in the denver broncos, we had from in peyton manning. he was really good on the other side allowing us we as a company to protect ourselves. he understood that and so we were able to put the numbers together actually pretty quickly. >> was it an either/or with tebow? >> we just thought once peyton

came on board, it was a tough mix for us because of the different styles in quarterbacks and we didn't want him to have to go and start last year. and came here to new york and play with the jets, we just know that he's going to be successful wherever he goes. >> you're a businessman. the auto dealerships, you're involved with neptune. what do you see in terms of businesses. >> it comes down to the company and i think that to believe in their game plan and how they work as a team believed and when i do put my name behind something because i believe in

what they are doing. >> what do you see in the auto business from your standpoint? >> it's starting to come back. it's starting to feel positive effects of everything come back and people are starting to come back in the showrooms and buy a little more. we're excited about why we are headed at this point. >> are you an investor? >> a little bit. something that happened in 2008, i'm going to go out and earn it and i don't think that -- you know, i'm into preservation more than investing to make a lot more money. i'm into the preservation side and work with neptune and the broncos and try to make it into the car business and make money. >> my thanks to john elway. we have breaking news. we have headlines coming out of jpmorgan. there is going to be a surprise conference call after the close tonight. legal losses of some $4.2 billion, reasonably possible. the company -- the chief investment office may have significant mark to market

losses and perhaps this is the contents of that conference call after the close and the reason that the stock is taking a sharp hit in the extended hours, brian showed us the damage earlier and as brian showed us the damage earlier. we're talking about a 4.5% sell off. significant mark to market losses. the legal losses alone are reasonably possible of some 4.25 billion. we're watching this story closer. we're going to bring you some analysis. stay with us. a short break and more out of a short break and more out of j.p. morgan tonight. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea.

we have breaking news. we've been watchingment p. norgan shares tank in the extended hours tonight. the company saying that the chief investment office at j.p. morgan has significant mark to market losses. legal losses of some $4.25 billion are reasonably possible. the company has set up a call. it's a surprise call. i think because it was a surprise that's what really moved this market. even though we don't have many more details than this. doing a call at 5:00 p.m. eastern time for investors to discuss this. portfolio is riskier, more

volatile as an economic hedge. we don't have anymore information than this. mary thompson has calling her sources. the stock is 5% lower in the extended hours, what can you tell snus. >> a couple of things to note here. the chief investment officer came to the forerum right before the company reported. in large part because the stories about the trading in london spom for some big trades. it was to manage the company's risk. now in the wake of this announcement, we're going to hear more about this how they are repositioning some of these synthetic hedges. but again, what we also want to note is the shares of the other big banks is also down in after hours trading in the wake of

this. we'll be listening to that conference call. we'll have the headlines for you. jamie diamond will be running it for j.p. morgan. >> mary, they're saying there was some hedging going on which offset some of the losses. the portfolio is bottom line risy kiier and more volatile. these are losses at the end of march. >> since march 31st is what the 10 k said. the cio has had significant mark to market losses not raeltzed. but mark to market realizes in its synthetic credit portfolio. we will likely get an update on that as well at the call. we'll have the details for you. >> of course, the banks down across the board in the extended hours tonight as speculation rises in terms of who else is impacted by this volatility that we saw and perhaps mark to market losses. this certainly is going to set the tone for tomorrow. europe will come into play in

terms of where the losses -- where the money was really exposed to. j.p. morgan shares down 5.5%. sizable senior high school yum as well in the stock in the extended hours with this $4.2 billion reasonably possible in terms of legal losses at j.p. morgan. you don't usually this kind of volume in the extended hours. again, the firm is telling investors tonight that they're doing this conference call at 5:00 p.m. eastern. the ceo will be running that call and we'll get a lot more informs about this announcement. the conference call tonight again at 5:00 p.m. eastern time. general public can access it or investors, international investors as well. this is clearly big news given the fact that it started to seep into the market after the close tonight. and started to impact the stock. down 5% on j.p. morgan.

s&p futures also getting impacted tonight. down six to eight points on the heels of this expectation that the banking sector takes a hit tomorrow on the heels of these chief investment office losses mark to market losses over at j.p. morgan. by the way, it was downgraded just recently worried about european exposure. that will do it for us. stay with "fast money" they'll have more on this. a big story will set the tone for tomorrow. for tomorrow. have a good night everybody. with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.

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